REALTOR® Magazine-Daily News-Foreclosure Bargains Are Disappearing

REALTOR® Magazine-Daily News-Foreclosure Bargains Are Disappearing: "Foreclosure Bargains Are Disappearing
Buyers of foreclosure have to be quick these days. Some houses go under contract fewer than 90 minutes after they are put on the market, says Brad Geisen, founder of Foreclosure.com.

'For every listing that comes out, we have 10 buyers,' says Cesar Dias, an associate with Approved Real Estate Group in Stockton, Calif.

Dias had 15 minutes of fame after introducing foreclosure sales tours last year. Now the tours are defunct because there are not enough homes to show.

'We had a lot of inventory last summer. Now we're down to 1,500 listings — from more than 5,000,' Dias says.

In Florida, real-estate investment companies, buying in bulk and paying cash, face competition"

foreclosure info

Homeowners tend to walk away and accept foreclosure after a 15% in their home value

REALTOR® Magazine-Daily News-More Owners Walk Away When Underwater

More Owners Walk Away When Underwater
A study of the Massachusetts housing market by researchers from Northwestern University and the University of Chicago concludes that a home owner’s propensity to default increases the further their loan goes under water.

The study found that home owners begin to walk away after declines of 15 percent or more. More than 17 percent of households would default, even if they can afford to pay their mortgage, when the equity shortfall reaches 50 percent of the value of the house.

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